<SEC-DOCUMENT>0000949377-19-000179.txt : 20190812
<SEC-HEADER>0000949377-19-000179.hdr.sgml : 20190812
<ACCEPTANCE-DATETIME>20190812091603
ACCESSION NUMBER:		0000949377-19-000179
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20190924
FILED AS OF DATE:		20190812
DATE AS OF CHANGE:		20190812
EFFECTIVENESS DATE:		20190812

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST, INC.
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		191014585

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e63540_rvt.htm
<TEXT>
<p align="center"><font face="Times New Roman" size="2"><b></b></font></p>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">As
filed with the Securities and Exchange Commission</FONT> on <FONT STYLE="letter-spacing: -0.05pt">August 12, 2019</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.5pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>UNITED
</B></FONT><B><FONT STYLE="letter-spacing: -0.3pt">STATES</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 162.65pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 162.5pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>Washington,
</B></FONT><B><FONT STYLE="letter-spacing: -0.05pt">D.C. 20549</FONT></B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.6pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>SCHEDULE
14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 162.6pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>(Rule
14a-101)</B></FONT></P>

<P STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin: 0.5pt 162.65pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>INFORMATION</B></FONT><B>
<FONT STYLE="letter-spacing: -0.05pt">REQUIRED IN PROXY </FONT><FONT STYLE="letter-spacing: -0.25pt">STATEMENT</FONT> <FONT STYLE="letter-spacing: -0.05pt">SCHEDULE
14A</FONT> <FONT STYLE="letter-spacing: -0.15pt">INFORMATION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.55pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Proxy
Statement Pursuant to Section 14(a) of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 6.3pt; text-indent: 159.15pt"><FONT STYLE="letter-spacing: -0.05pt">the
Securities Exchange Act of 1934 (Amendment No.&#9;</FONT>)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Filed by the Registrant</FONT>
<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Filed by </FONT>a
<FONT STYLE="letter-spacing: -0.05pt">Party other than the Registrant</FONT> <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 9pt Segoe UI Symbol,sans-serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Check the appropriate
box:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Preliminary Proxy Statement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-weight: normal">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.5pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Definitive Proxy Statement</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Definitive Additional Materials</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR></TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 162.55pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">ROYCE
VALUE</FONT> <FONT STYLE="letter-spacing: -0.2pt">TRUST,</FONT> <FONT STYLE="letter-spacing: -0.05pt">INC.<br><HR COLOR="Black" SIZE="1"></FONT></P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.45pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(Name
of Registrant as Specified In Its </FONT><FONT STYLE="letter-spacing: -0.1pt">Charter)</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 162.55pt 0 160.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">N/A<br><HR COLOR="Black" SIZE="1"></FONT></P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 5.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt; text-indent: 132pt"><FONT STYLE="letter-spacing: -0.05pt">(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><FONT STYLE="letter-spacing: -0.05pt">Payment</FONT> of
<FONT STYLE="letter-spacing: -0.05pt">Filing Fee (Check the appropriate box):</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">No fee required.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and </FONT><FONT STYLE="letter-spacing: -0.1pt">0-11.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.75pt"><FONT STYLE="letter-spacing: -0.05pt">(1)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">Title</FONT> <FONT STYLE="letter-spacing: -0.05pt">of each class of securities to which
transaction applies:</FONT></TD></TR>                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 60.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.8pt"><FONT STYLE="letter-spacing: -0.05pt">(2)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 60.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.75pt"><FONT STYLE="letter-spacing: -0.05pt">(3)</FONT></TD><TD STYLE="padding-right: 18.95pt"><FONT STYLE="letter-spacing: -0.05pt">Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule </FONT><FONT STYLE="letter-spacing: -0.15pt">0-11</FONT> <FONT STYLE="letter-spacing: -0.05pt">(set
forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="padding-right: 18.95pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 60.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.8pt"><FONT STYLE="letter-spacing: -0.05pt">(4)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Proposed maximum aggregate value of</FONT> <FONT STYLE="letter-spacing: -0.1pt">transaction:</FONT></TD></TR>                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 60.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 27.8pt"><FONT STYLE="letter-spacing: -0.05pt">(5)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.2pt">Total</FONT> <FONT STYLE="letter-spacing: -0.05pt">fee paid:</FONT></TD></TR>                                                                                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 60.8pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 2.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Fee paid previously with preliminary materials.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0.35pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.3pt"></TD><TD STYLE="width: 27.85pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9633;</FONT></TD><TD STYLE="padding-right: 18.95pt"><FONT STYLE="letter-spacing: -0.05pt">Check box if any part of the fee is </FONT><FONT STYLE="letter-spacing: -0.1pt">offset
</FONT><FONT STYLE="letter-spacing: -0.05pt">as provided by Exchange Act Rule</FONT> <FONT STYLE="letter-spacing: -0.1pt">0-11(a)(2)</FONT>
<FONT STYLE="letter-spacing: -0.05pt">and identify the filing for which the</FONT> <FONT STYLE="letter-spacing: -0.1pt">offsetting</FONT>
<FONT STYLE="letter-spacing: -0.05pt">fee was paid</FONT> <FONT STYLE="letter-spacing: -0.1pt">previously.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Identify
the previous filing by registration statement</FONT> <FONT STYLE="letter-spacing: -0.1pt">number,</FONT> <FONT STYLE="letter-spacing: -0.05pt">or
the Form</FONT> or <FONT STYLE="letter-spacing: -0.05pt">Schedule and the date of its filing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(1)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Amount Previously Paid:</FONT></TD></TR>                                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 55.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(2)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>                                                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 55.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(3)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Filing Party:</FONT></TD></TR>                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 55.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.15pt"></TD><TD STYLE="width: 22.25pt"><FONT STYLE="letter-spacing: -0.05pt">(4)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.05pt">Date Filed:</FONT></TD></TR>                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/1pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 55.25pt">&nbsp;</P>



<p style="text-align: center"><font style="font: x-small Times New Roman"><b></b></font></p>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page --><p align="center"><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>745 Fifth Avenue<br>New
 York, New York 10151</b></font></p>
<p><hr size="1" color="#000000" noshade width="12%" align="center">
<p align="center"><font face="Times New Roman" size="2"><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
</b></font></p>
<p><hr size="1" color="#000000" noshade width="12%" align="center">
<p align="center"><font face="Times New Roman" size="2"><b>TO BE HELD ON SEPTEMBER 24, 2019</b></font></p>
<p><font face="Times New Roman" size="2">To the Stockholders of: ROYCE VALUE TRUST, INC.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">NOTICE IS
 HEREBY GIVEN that the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of
 ROYCE VALUE TRUST, INC. (the &#147;Fund&#148;) will be held at the offices of the
 Fund, 745 Fifth Avenue, New York, New York 10151 on Tuesday, September 24, 2019,
 at 11:00 a.m. (Eastern Time), for the following purposes:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">To elect
 three Directors to the Fund&#146;s Board of Directors.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2">To transact
 such other business as may properly come before the Meeting or any postponement
 or adjournment thereof.</font></div></td>
</tr>
</table>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board
 of Directors of the Fund has set the close of business on July 18, 2019 as the record
 date for determining those stockholders entitled to vote at the Meeting or any postponement
 or adjournment thereof, and only holders of record at the close of business on that
 day will be entitled to vote.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT</b></font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2"><b>To save
 the Fund the expense of additional proxy solicitation, please mark your instructions
 on the enclosed Proxy, date and sign it and return it in the enclosed envelope (which
 requires no postage if mailed in the United States), even if you expect to be present
 at the Meeting. You may also authorize a proxy to vote your shares via telephone
 or the Internet by following the instructions on the proxy card or Notice of Internet
 Availability of Proxy Materials. Please take advantage of these prompt and efficient
 proxy authorization options</b>. The accompanying Proxy is solicited on behalf of
 the Board of Directors of the Fund, is revocable, and will not affect your right
 to vote in person in the event that you attend the Meeting.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="25%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Secretary</i></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">August 12,
 2019</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>IMPORTANT NOTICE REGARDING
 THE AVAILABILITY OF<br>PROXY MATERIALS FOR THE ANNUAL MEETING OF<br>STOCKHOLDERS
 TO BE HELD ON SEPTEMBER 24, 2019</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>THE NOTICE,
 PROXY STATEMENT AND PROXY<br>CARD FOR THE FUND ARE AVAILABLE AT<br>WWW.PROXYVOTE.COM
</b></font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>PROXY STATEMENT</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.
<br>745 Fifth Avenue<br>New York, New York 10151</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>ANNUAL MEETING OF STOCKHOLDERS
<br>September 24, 2019</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>INTRODUCTION</b></font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The enclosed
 Proxy is solicited on behalf of the Board of Directors of the Fund (the &#147;Board&#148;) for use at the Annual Meeting of Stockholders (the &#147;Meeting&#148;) of
 Royce Value Trust, Inc. (the &#147;Fund&#148;), to be held at the offices of the
 Fund, 745 Fifth Avenue, New York, New York 10151, on Tuesday, September 24, 2019,
 at 11:00 a.m. (Eastern Time) and at any postponements or adjournments thereof. The
 approximate mailing date of the Notice of Internet Availability of Proxy Materials
 is August 12, 2019.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">All properly
 executed Proxies received prior to the Meeting will be voted at the Meeting in accordance
 with the instructions marked thereon or otherwise as provided therein. Unless instructions
 to the contrary are marked, Proxies will be voted &#147;FOR&#148; the election of
 the Director nominees of the Fund.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">You may revoke
 your Proxy at any time before it is exercised by sending written instructions to
 the Secretary of the Fund at the Fund&#146;s address indicated above or by filing
 a new Proxy with a later date, and any stockholder attending the Meeting may vote
 in person, whether or not he or she has previously filed a Proxy.</font></p>
<p align="justify" style="text-indent: 20px;"><font face="Times New Roman" size="2">The cost of soliciting proxies will be borne
 by the Fund, which will reimburse brokerage firms, custodians, nominees and fiduciaries
 for their expenses in forwarding proxy material to the beneficial owners of the
 Fund&#146;s shares of common stock (&#147;Common Stock&#148;). Some officers and
 employees of the Fund and/or Royce &#038; Associates, LP (&#147;R&#038;A&#148; or
 &#147;Royce&#148;), the Fund&#146;s investment adviser, may solicit proxies personally
 and by telephone, if deemed desirable. Stockholders vote at the Meeting by casting
 ballots (in person or by proxy) which are tabulated by one or two persons, appointed
 by the Board before the Meeting, who serve as Inspectors and Judges of Voting at
 the Meeting and who have executed an Inspectors&#146; and Judges&#146; Oath.</font></p>
<p align="center"><font face="Times New Roman" size="2">1</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board
 has set the close of business on July 18, 2019 as the record date (the &#147;Record
 Date&#148;) for determining those stockholders entitled to vote at the Meeting or
 any postponement or adjournment thereof, and only holders of record at the close
 of business on that day will be entitled to vote. Stockholders on the Record Date
 will be entitled to one vote for each outstanding share of Common Stock held (proportional
 voting rights for fractional shares held), with no shares having cumulative voting
 rights.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board
 knows of no business other than that stated in Proposal 1 of the Notice of Meeting
 that will be presented for consideration at the Meeting. If any other matter is
 properly presented at the Meeting or any postponement or adjournment thereof, it
 is the intention of the persons named on the enclosed Proxy to vote in accordance
 with their best judgment.</font></p>
<p align="center"><font face="Times New Roman" size="2">2</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="center"><font face="Times New Roman" size="2"><b>PROPOSAL 1: ELECTION OF DIRECTORS</b></font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">At the Meeting,
 three members of the Board will be elected. The Board has nine Directors. The nine
 Directors are currently divided into three classes, each class having a term of
 office of three years. The term of office of one class expires each year. Each of
 Patricia W. Chadwick, Arthur S. Mehlman, and Michael K. Shields currently serves
 as a Class II Director and has been nominated by the Board to serve as a Class II
 Director for a three-year term to expire at the Fund&#146;s 2022 Annual Meeting
 of Stockholders or until his successor is duly elected and qualified.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The classes
 of Directors and their respective terms are indicated below.</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS II DIRECTORS TO SERVE UNTIL
 2022 ANNUAL MEETING OF STOCKHOLDERS</b></u><br>Patricia W.
 Chadwick<br>Arthur S. Mehlman<br>Michael K. Shields</font></p>
<p><font face="Times New Roman" size="2"><u><b>CLASS III DIRECTORS SERVING UNTIL
 2020 ANNUAL MEETING OF STOCKHOLDERS</b></u><br>Stephen L.
 Isaacs<br>Christopher D. Clark<br>Christopher C. Grisanti</font></p>
<p><font face="Times New Roman" size="2"><b><u>CLASS I DIRECTORS SERVING UNTIL 2021
 ANNUAL MEETING OF STOCKHOLDERS</u></b><br>Charles M.
 Royce<br>G. Peter O&#146;Brien<br>David L. Meister</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Each of the
 three Director nominees has agreed to serve if elected, and the Fund&#146;s management
 has no reason to believe that any of them will be unavailable for service as a Director.
 However, if any of them becomes unwilling or unable to serve, the persons named
 in the accompanying Proxy will vote for the election of such other persons, if any,
 as the Board may nominate.</font></p>
<p align="center"><font face="Times New Roman" size="2">3</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><b>Interested Persons</b></font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Certain biographical
 and other information concerning Charles M. Royce and Christopher D. Clark, each
 of whom is an &#147;interested person&#148; as defined in the Investment Company
 Act of 1940, as amended (the &#147;Investment Company Act&#148;), of the Fund, including
 their current designated classes, is set forth below.</font></p>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup>
 and<br>Principal Occupations<br>During Past Five Years</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
<br>of Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios<br>in Fund<br>Complex<br>Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public Company Directorships</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce<sup>**</sup><br>Chief Executive Officer (until June 2016), President (until June 2014),
 and Member of the Board of Managers of Royce &#038; Associates, LP (&#147;R&#038;A&#148; or &#147;Royce&#148;), investment adviser to the Fund. Member of Board of Directors/Trustees
 of the Fund, Royce Micro-Cap Trust, Inc. (&#147;RMT&#148;), Royce Global Value Trust,
 Inc. (&#147;RGT&#148;), The Royce Fund (&#147;TRF&#148;), and Royce Capital Fund
 (&#147;RCF&#148;) (the Fund, RMT, RGT, TRF, and RCF collectively, &#147;The Royce
 Funds&#148;).</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">79</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">Class I<br>
Director</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">2021</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">16</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">Oxford Capital
<br>Corp.<br>(formerly TICC<br>Capital Corp.)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark<sup>**</sup> Chief Executive Officer (since July 2016), President (since July 2014),
 Co-Chief Investment Officer (since January 2014), Managing Director, and Member
 of the Board of Managers (since June 2015) of R&#038;A, having been employed by
 R&#038;A since May 2007. President and Member of Board of Directors/Trustees of The
 Royce Funds.</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">54</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
<br>Director<br>and<br>President<sup>&#134;</sup></font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2014</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2020</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">16</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="1"><sup>*</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">The address
 of Messrs. Royce and Clark is c/o Royce &#038; Associates, LP, 745 Fifth Avenue,
 New York, New York 10151.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="1"><sup>**</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">&#147;Interested
 person,&#148; as defined in the Investment Company Act, of the Fund.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1"><sup>&#134;</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">Mr. Clark
 was elected by, and serves at the pleasure of, the Board in his capacity as an officer
 of the Fund.</font></div></td>
</tr>
</table>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Messrs. Royce
 and Clark are &#147;interested persons&#148; of the Fund within the meaning of Section
 2(a)(19) of the Investment Company Act due to the positions they hold with R&#038;A
 and their stock ownership in Legg Mason, Inc. (&#147;Legg Mason&#148;), the ultimate
 corporate parent of R&#038;A. There are no family relationships between any of the
 Fund&#146;s Directors and officers.</font></p>
<p align="center"><font face="Times New Roman" size="2">4</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2"><b>Non-Interested Directors</b></font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Certain biographical
 and other information concerning the existing Directors, including two of the three
 Director nominees, who are not &#147;interested persons,&#148; as defined in the
 Investment Company Act, of the Fund, including their current designated classes,
 is set forth below.</font></p>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup>
 and<br>Principal Occupations<br>During Past Five<br>Years<sup>**</sup></b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
<br>of Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios in<br>Fund Complex<br>Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick Consultant and President of Ravengate Partners LLC (since 2000).</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">70</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">Class II<br>Director</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">2010</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">2019</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">16</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">Wisconsin
<br>Energy Corp.<br><br>Voya Funds</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 C. Grisanti Co-Founder and Chief Executive Officer of Grisanti Capital Management
 LLC, an investment advisory firm (since 1999). Mr. Grisanti&#146;s prior business
 experience includes serving as Director of Research and Portfolio Manager at Spears
 Benzak, Salomon &#038; Farrell (from 1994 to 1999) and a senior associate at the
 law firm of Simpson, Thacher &#038; Bartlett (from 1988 to 1994).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">57</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2017</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2020</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">16</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs Attorney and President of Health Policy Associates, Inc., consultants. Mr. Isaacs&#146;s prior business experience includes having served as President of The Center
 for Health and Social Policy (1996 to 2012); and Director of Columbia University
 Development Law and Policy Program and Professor at Columbia University (until August
 1996).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">79</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class III
<br>Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2020</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">16</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">5</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup>
 and<br>Principal Occupations<br>During Past Five<br>Years<sup>**</sup></b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
 of<br>Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios in<br>Fund Complex<br>Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman Director of The League for People with Disabilities, Inc.; Director of University of
 Maryland Foundation (non-profits). Formerly: Director of Municipal Mortgage &#038;
 Equity, LLC (from October 2004 to April 2011); Director of University of Maryland
 College Park Foundation (non- profit) (from 1998 to 2005); Partner, KPMG LLP (international
 accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for
 Education (from July 1984 to June 2002).</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">77</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">Class II<br>Director</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">2004</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">2019</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">36<br>(Director/Trustee
<br>of The Royce<br>Funds, consisting<br>of 16 portfolios;<br>Director/Trustee<br>
of the Legg<br>Mason Family of<br>Funds, consisting<br>of 20 portfolios)</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David L. Meister
 Consultant. Chairman and Chief Executive Officer of The Tennis Channel (from June
 2000 to March 2005). Mr. Meister&#146;s prior business experience includes having
 served as Chief Executive Officer of Seniorlife.com, a consultant to the communications
 industry, President of Financial News Network, Senior Vice President of HBO, President
 of Time-Life Films and Head of Broadcasting for Major League Baseball.</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">79</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I<br>
Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">1986</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2021</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">16</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien Director, Bridges School (since 2006); Trustee Emeritus of Colgate University
 (since 2005); Board Member of Hill House, Inc. (since 1999). Formerly: Trustee of
 Colgate University (from 1996 to 2005); President of Hill House, Inc. (from 2001
 to 2005); Director of TICC Capital Corp. (2003 to 2017); and Managing Director/
 Equity Capital Markets Group of Merrill Lynch &#038; Co. (from 1971 to 1999).</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">74</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">Class I<br>
Director</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2001</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">2021</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">36<br>(Director/Trustee
<br>of The Royce<br>Funds, consisting<br>of 16 portfolios;<br>Director/Trustee<br>
of the Legg<br>Mason Family of<br>Funds, consisting<br>of 20 portfolios)</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">6</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup>
 and<br>Principal Occupations<br>During Past Five<br>Years<sup>**</sup></b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Positions
<br>With the<br>Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Length
 of<br>Time<br>Served</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Current
<br>Term<br>Expires</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Number
 of<br>Portfolios in<br>Fund Complex<br>Overseen</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Other
 Public<br>Company<br>Directorships</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields President and Chief Executive Officer of Piedmont Trust Company, a private
 North Carolina trust company (since May 2012). Mr. Shields&#146;s prior business
 experience includes owning Shields Advisors, an investment consulting firm (from
 April 2010 to June 2012).</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">60</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">Class II<br>Director</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">2015</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">2019</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">16</font></td>
<td width="14%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="right"><font face="Times New Roman" size="1"><sup>*</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">The address
 of each of Ms. Chadwick and Messrs. Grisanti, Isaacs, Mehlman, Meister, O&#146;Brien,
 and Shields is c/o Royce &#038; Associates, LP, 745 Fifth Avenue, New York, New
 York 10151.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="top" align="right"><font face="Times New Roman" size="1"><sup>**</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">Each of
 the Independent Directors is a director/trustee of certain other investment companies
 constituting The Royce Funds. Each of Ms. Chadwick and Messrs. Grisanti, Isaacs,
 Mehlman, Meister, O&#146;Brien, and Shields is a member of the Audit Committee of
 the Board and the Nominating Committee of the Board.</font></div></td>
</tr>
</table>
<p align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">The Independent
 Directors have adopted a retirement policy that calls for the retirement of each
 Independent Director from the Board on December 31 of the year in which he or she
 reaches the age of 79.</font></p>
<p align="justify" style="text-indent:20px;"><font face="Times New Roman" size="2">Additional
 information about each Director follows (supplementing the information provided
 in the tables above) that describes some of the specific experiences, qualifications,
 attributes or skills that each Director possesses, which the Board believes has
 prepared them to be effective Directors.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>Charles
 M. Royce</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Royce serves as a Member of the Board of Managers of R&#038;A. Mr. Royce
 served as the President of R&#038;A from 1972 to June 2014 and as Chief Executive
 Officer of R&#038;A from 1972 to June 2016. Mr. Royce has over 40 years of investment
 and business experience.</font></div></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>Christopher
 D. Clark</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Clark serves as Chief Executive Officer, President, Co-Chief Investment
 Officer, and a Member of the Board of Managers of R&#038;A, having been employed
 by R&#038;A since 2007. Mr. Clark has over 25 years of investment and business experience,
 including extensive experience in the financial sector.</font></div></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">7</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Patricia
 W. Chadwick</i> &#150; In addition to her tenure as a Director/Trustee of The Royce
 Funds, Ms. Chadwick is designated as an Audit Committee Financial Expert. Ms. Chadwick
 has over 30 years of investment and business experience, including extensive experience
 in the financial sector and as a consultant to business and non-profit entities.
 In addition, Ms. Chadwick has served on the boards of a variety of public and private
 companies and non-profit entities, including currently serving on the board of two
 public companies.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>Christopher
 C. Grisanti</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Grisanti co-founded and serves as Chief Executive Officer of Grisanti
 Capital Management LLC, an investment advisory firm. Mr. Grisanti has over 20 years
 of investment industry experience.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>Stephen
 L. Isaacs</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Isaacs serves as Attorney and President of a private consulting firm.
 Mr. Isaacs has over 40 years of business and academic experience, including extensive
 experience related to public health and philanthropy.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>Arthur
 S. Mehlman</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds and of the Legg Mason Family of Funds, Mr. Mehlman serves as the Chairman
 of the Board&#146;s Audit Committee, acting as liaison between the Board and the
 Fund&#146;s independent registered public accountants, and is designated as an Audit
 Committee Financial Expert. Mr. Mehlman has over 35 years of business experience,
 including as Partner of an international accounting firm and a Director for various
 private companies and non-profit entities.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>David
 L. Meister</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Meister has over 40 years of business experience, including extensive
 experience as an executive officer in and consultant to the communications industry.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>G. Peter
 O&#146;Brien</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds and of the Legg Mason Family of Funds, Mr. O&#146;Brien serves as Chairman
 of the Board&#146;s Nominating Committee. Mr. O&#146;Brien has over 35 years of
 business experience, including extensive experience in the financial sector. In
 addition, Mr. O&#146;Brien has served on the boards of public companies and non-profit
 entities.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">&#149;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="2"><i>Michael
 K. Shields</i> &#150; In addition to his tenure as a Director/Trustee of The Royce
 Funds, Mr. Shields serves as President and Chief Executive Officer of Piedmont Trust
 Company, a private North Carolina trust company. Mr. Shields has over 30 years of
 investment and business experience, including extensive experience in the financial
 sector.</font></div></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">8</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board
 believes that each Director&#146;s experience, qualifications, attributes and skills
 should be evaluated on an individual basis and in consideration of the perspective
 such Director brings to the entire Board, with no single Director, or particular
 factor, being indicative of Board effectiveness. However, the Board believes that
 Directors need to have the ability to critically review, evaluate, question and
 discuss information provided to them, and to interact effectively with Fund management,
 service providers and counsel, in order to exercise effective business judgment
 in the performance of their duties; the Board believes that their members satisfy
 this standard. Experience relevant to having this ability may be achieved through
 a Director&#146;s educational background; business, professional training or practice,
 public service or academic positions; experience from service as a board member
 (including the Board) or as an executive of investment funds, public companies or
 significant private or non-profit entities or other organizations; and/or other
 life experiences. The charter for the Board&#146;s Nominating Committee contains
 certain other specific factors considered by the Nominating Committee in identifying
 and selecting Director candidates (as described below).</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">To assist
 them in evaluating matters under federal and state law, the Directors are counseled
 by their own independent legal counsel, who participates in Board meetings and interacts
 with R&#038;A, and also may benefit from information provided by R&#038;A&#146;s
 internal counsel; both the Board&#146;s and R&#038;A&#146;s internal counsel have
 significant experience advising funds and fund board members. The Board and its
 committees have the ability to engage other experts as appropriate. The Board evaluates
 its performance on an annual basis.</font></p>
<div><font face="Times New Roman" size="2"><b>Board Composition and Leadership Structure
</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Investment
 Company Act requires that at least 40% of the Fund&#146;s Directors not be &#147;interested
 persons&#148; (as defined in the Investment Company Act) of the Fund and as such
 are not affiliated with R&#038;A (&#147;Independent Directors&#148;). To rely on
 certain exemptive rules under the Investment Company Act, a majority of the Fund&#146;s Directors must be Independent Directors, and for certain important matters,
 such as the approval of investment advisory agreements or transactions with affiliates,
 the Investment Company Act or the rules thereunder require the approval of a majority
 of the Independent Directors. Currently, more than 75% of the Fund&#146;s Directors
 are Independent Directors. The Board does not have a chairman, but the President,
 an interested person of the Fund, acts as chairman at the Board meetings. The Independent
 Directors have not designated a lead Independent Director, but the Chairman of the
 Audit Committee, Mr. Mehlman, generally acts as chairman of meetings or executive
 sessions of the Independent Directors and, when appropriate, represents the views
 of the Independent Directors to management. The Board has determined that its leadership
 structure is appropriate in light of the services that Royce and its affiliates
 provide to the Fund and potential conflicts of interest that could arise from these
 relationships.</font></div>
<p align="center"><font face="Times New Roman" size="2">9</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Audit Committee Report</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board
 has a standing Audit Committee (the &#147;Audit Committee&#148;), which consists
 of the Independent Directors who also are &#147;independent&#148; as defined in
 the listing standards of the New York Stock Exchange. The current members of the
 Audit Committee are Patricia W. Chadwick, Christopher C. Grisanti, Stephen L. Isaacs,
 Arthur S. Mehlman, David L. Meister, G. Peter O&#146;Brien, and Michael K. Shields.
 Mr. Mehlman serves as Chairman of the Audit Committee. Ms. Chadwick and Mr. Mehlman
 have been designated as Audit Committee Financial Experts, as defined under Securities
 and Exchange Commission (&#147;SEC&#148;) regulations.</font></div>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The principal
 purposes of the Audit Committee are to (i) assist Board oversight of the (a) integrity
 of the Fund&#146;s financial statements; (b) independent accountants&#146; qualifications
 and independence; and (c) performance of the Fund&#146;s independent accountants
 and (ii) prepare, or oversee the preparation of any audit committee report required
 by rules of the SEC to be included in the Fund&#146;s proxy statement for its annual
 meeting of stockholders. The Board has adopted an Audit Committee charter for the
 Fund, a copy of which is included as an exhibit to this Proxy Statement.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Audit
 Committee also has (i) received written disclosures and the letter required by Independence
 Standards Board Standard No. 1 from PricewaterhouseCoopers LLP (&#147;PWC&#148;),
 the Fund&#146;s independent auditors for the fiscal year ended December 31, 2018,
 and (ii) discussed certain matters required to be discussed under the requirements
 of The Public Company Accounting Oversight Board with PWC. The Audit Committee has
 considered whether the provision of non-audit services by the Fund&#146;s independent
 accountants is compatible with maintaining their independence.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">At its meetings
 held on February 20, 2019 and February 27-28, 2019, the Audit Committee reviewed
 and discussed the audit of the Fund&#146;s financial statements as of December 31,
 2018 and for the fiscal year then ended with Fund management and PWC. Had any material
 concerns arisen during the course of the audit and the preparation of the audited
 financial statements mailed to stockholders and included in the Fund&#146;s 2018
 Annual Report to Stockholders, the Audit Committee would have been notified by Fund
 management or PWC. The Audit Committee received no such notifications. At those
 meetings, the Audit Committee recommended to the Board that the Fund&#146;s audited
 financial statements be included in the Fund&#146;s 2018 Annual Report to Stockholders.</font></p>
<p align="center"><font face="Times New Roman" size="2">10</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Nominating Committee</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board
 has a Nominating Committee (the &#147;Nominating Committee&#148;) composed of the
 seven Independent Directors, namely Ms. Chadwick and Messrs. Grisanti, Isaacs, Mehlman,
 Meister, O&#146;Brien, and Shields. Mr. O&#146;Brien serves as the Chairman of the
 Nominating Committee. The Board has adopted a Nominating Committee charter, a copy
 of which is included as an exhibit to this Proxy Statement.</font></div>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Nominating
 Committee is responsible for identifying and recommending to the Board individuals
 believed to be qualified to become Board members in the event that a position is
 vacated or created. The Nominating Committee will consider Director candidates recommended
 by stockholders. In considering potential nominees, the Nominating Committee will
 take into consideration (i) the contribution which the person can make to the Board,
 with consideration given to the person&#146;s business and professional experience,
 education and such other factors as the Committee may consider relevant, including
 but not limited to whether a potential nominee&#146;s personal and professional
 qualities and attributes would provide a beneficial diversity of skills, experience
 and/or perspective to the Board; (ii) the character and integrity of the person;
 (iii) whether or not the person is an &#147;interested person&#148; as defined in
 the Investment Company Act and whether the person is otherwise qualified under applicable
 laws and regulations to serve as a Director or Independent Director of the Fund;
 (iv) whether or not the person has any relationships that might impair his or her
 independence, such as any business, financial or family relationships with Fund
 management, the investment adviser of the Fund, Fund service providers or their
 affiliates; (v) whether or not the person is financially literate pursuant to the
 New York Stock Exchange&#146;s audit committee membership standards; (vi) whether
 or not the person serves on boards of, or is otherwise affiliated with, competing
 financial service organizations or their related investment company complexes; (vii)
 whether or not the person is willing to serve as, and willing and able to commit
 the time necessary for the performance of the duties of, a Director of the Fund;
 and (viii) whether or not the selection and nomination of the person would be in
 the best interest of the Fund in light of the requirements of the Fund&#146;s retirement
 policies. While the Nominating Committee does not have a formal policy regarding
 diversity, as noted above, it may consider the diversity of skills, experience and/or
 perspective a potential nominee will bring to the Board as part of its evaluation
 of the contribution such potential nominee will make to the Board. Such factors
 will be considered in light of the other factors described above and in the context
 of the Board&#146;s existing membership at the time such potential candidate is
 considered.</font></p>
<p align="center"><font face="Times New Roman" size="2">11</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">To have a
 candidate considered by the Nominating Committee, a stockholder must submit the
 recommendation in writing and must include biographical information and set forth
 the qualifications of the proposed nominee. The stockholder recommendation and information
 described above must be sent to the Fund&#146;s Secretary, John E. Denneen, c/o
 Royce Value Trust, Inc., 745 Fifth Avenue, New York, New York 10151.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Although the
 Board does not have a standing compensation committee, the Independent Directors
 review their compensation annually.</font></p>
<div><font face="Times New Roman" size="2"><b>Distribution Committee</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board
 has a Distribution Committee (the &#147;Distribution Committee&#148;), comprised
 of Charles M. Royce. As noted above, Mr. Royce is an &#147;interested person&#148;
 of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act.
 The Distribution Committee is responsible for, among other things, approving the
 Fund&#146;s payment of dividends from net investment income and distributions from
 capital gains, if any, to ensure compliance with the requirements of Subchapter
 M of the Internal Revenue Code of 1986, as amended.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Board&#146;s Oversight Role in Management
</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Board&#146;s role in management of the Fund is oversight. As is the case with virtually
 all investment companies (as distinguished from operating companies), service providers
 to the Fund, primarily R&#038;A and its affiliates, have responsibility for the
 day-to-day management of the Fund, which includes responsibility for risk management
 (including management of investment performance and investment risk, valuation risk,
 issuer and counterparty credit risk, compliance risk and operational risk). As part
 of its oversight, the Board, acting at its scheduled meetings, or the Chairman of
 the Audit Committee, acting between Board meetings, regularly interacts with and
 receives reports from senior personnel of service providers, including the Fund&#146;s and R&#038;A&#146;s Chief Compliance Officer and portfolio management personnel.
 The Audit Committee (which consists of the seven Independent Directors) meets during
 its scheduled meetings, and between meetings the Chairman of the Audit Committee
 maintains contact with the Fund&#146;s independent registered public accounting
 firm and the Fund&#146;s Treasurer. The Board also receives periodic presentations
 from senior personnel of R&#038;A or its affiliates regarding risk management generally,
 as well as periodic presentations regarding specific operational, compliance or
 investment areas such as business continuity, anti-money laundering, personal trading,
 valuation, investment research and securities lending. The Board also receives reports
 from counsel to R&#038;A and the Board&#146;s own independent legal counsel regarding
 regulatory, compliance and governance matters. The Board&#146;s oversight role does
 not make the Board a guarantor of the Fund&#146;s investments or activities.</font></div>
<p align="center"><font face="Times New Roman" size="2">12</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Committee and Board of Directors Meetings
</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">During the
 year ended December 31, 2018, the Board held eight meetings, the Audit Committee
 held five meetings, and the Nominating Committee did not hold any meetings. The
 Distribution Committee took action in respect of the Fund five times by written
 consent. Each Director then in office attended 75% or more of the aggregate of the
 total number of meetings of the Board and the total number of meetings of the Audit
 Committee and the Nominating Committee held during that year.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Compensation of Directors</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">For the year
 ended December 31, 2018, each Independent Director received a base fee of $20,000
 per year, plus $1,100 for each in-person meeting of the Board attended. No Director
 received remuneration for services as a Director for the year ended December 31,
 2018 in addition to or in lieu of this standard arrangement. Each Independent Director
 will continue to receive a base fee of $20,000 per year, plus $1,100 for each in-person
 meeting of the Board attended for the year ending December 31, 2019.</font></div>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Set forth
 below is the aggregate compensation paid by the Fund and the total compensation
 paid by The Royce Funds and the Fund Complex to each Independent Director of the
 Fund for the year ended December 31, 2018.</font></p>
<table border="1" cellpadding="2" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Aggregate
<br>Compensation<br>From the Fund</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Pension
 or<br>Retirement<br>Benefits<br>Accrued as<br>Part of Fund<br>Expenses</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Estimated
<br>Annual<br>Benefits upon<br>Retirement</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total
<br>Compensation<br>From The Royce<br>Funds Paid to<br>Directors</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Total
<br>Compensation<br>From The Fund<br>and Fund<br>Complex Paid to<br>Directors<sup>*</sup></b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px;"><font face="Times New Roman" size="2">Patricia
 W. Chadwick, Director</font></p></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td width="15%" valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px;"><font face="Times New Roman" size="2">Christopher
 C. Grisanti, Director</font></p></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px;"><font face="Times New Roman" size="2">Stephen
 L. Isaacs, Director</font></p></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px;"><font face="Times New Roman" size="2">Arthur
 S. Mehlman, Director</font></p></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$463,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px;"><font face="Times New Roman" size="2">David
 L. Meister, Director</font></p></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px;"><font face="Times New Roman" size="2">G.
 Peter O&#146;Brien, Director</font></p></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$450,800</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:10px;"><font face="Times New Roman" size="2">Michael
 K. Shields, Director</font></p></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$25,500</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">$248,300</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="center"><font face="Times New Roman" size="1"><sup>*</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">Represents
 aggregate compensation paid to each Director during the calendar year ended December
 31, 2018 from the Fund Complex. As of the date hereof, the Fund Complex includes
 the 16 portfolios of The Royce Funds and the 20 portfolios of the Legg Mason Funds.</font></div></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">13</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Officers of the Fund</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Officers of
 the Fund are elected each year by the Board. The following sets forth information
 concerning the Fund&#146;s officers:</font></div>
<br>
<table border="1" cellpadding="2" cellspacing="0" bordercolor="#000000" style="width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2"><b>Name, Address<sup>*</sup>
 and Principal Occupations<br>During Past Five Years</b></font></td>
<td style="width: 15%; vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Age</b></font></td>
<td style="width: 15%; vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Office<sup>**</sup>
</b></font></td>
<td style="width: 15%; vertical-align: bottom; text-align: center"><font face="Times New Roman" size="2"><b>Officer of<br>Fund Since</b></font></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2">Christopher
 D. Clark,<br>Chief Executive Officer (since July 2016), President (since July 2014),
 Co-Chief Investment Officer (since January 2014), and Member of the Board of Managers
 (since June 2015) of R&#038;A, having been employed by R&#038;A since May 2007.</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">54</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">President</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">2014</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2">Francis D.
 Gannon,<br>Co-Chief Investment Officer (since January 2014) and Managing Director
 of R&#038;A, having been employed by Royce since September 2006.</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">51</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">Vice President</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">2014</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2">Peter K. Hoglund,
<br>Chief Financial Officer, Chief Administrative Officer, and Managing Director
 of R&#038;A, having been employed by R&#038;A since December 2014. Prior to joining
 R&#038;A, Mr. Hoglund spent more than 20 years with Munder Capital Management in
 Birmingham, MI, serving as Managing Director and Chief Financial Officer and overseeing
 all financial aspects of the firm.</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">53</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">Treasurer</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">2015</font></div></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2">Daniel A.
 O&#146;Byrne,<br>Principal and Vice President of R&#038;A, having been employed
 by R&#038;A since October 1986.</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">57</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">Vice President</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">1994</font></div></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2">John E. Denneen,
<br>General Counsel, Managing Director, Chief Legal and Compliance Officer, Secretary,
 and, since 2015, Member of the Board of Managers of R&#038;A; Secretary and Chief
 Legal Officer of The Royce Funds.</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">52</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">Secretary
 and<br>Chief Legal<br>Officer</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">1996 to<br>
2001 and<br>since 2002</font></div></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Times New Roman" size="2">Lisa Curcio,
<br>Chief Compliance Officer of The Royce Funds (since October 2004); and Compliance
 Officer of R&#038;A (since June 2004).</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">59</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">Chief Compliance
<br>Officer</font></td>
<td style="vertical-align: top; text-align: center"><font face="Times New Roman" size="2">2004</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="1"><sup>*</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">The address
 of each officer of the Fund is c/o Royce &#038; Associates, LP, 745 Fifth Avenue,
 New York, New York 10151.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="1"><sup>**</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">Each officer
 of the Fund is elected by, and serves at the pleasure of, the Board.</font></div></td>
</tr>
</table>
<br>
<div><font face="Times New Roman" size="2"><b>Stockholder Communications</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Stockholders
 may send written communications to the Board or to an individual Director by mailing
 such correspondence to the Secretary of the Fund (addressed to 745 Fifth Avenue,
 New York, New York 10151). Such communications must be signed by the stockholder
 and identify the number of shares of Common Stock held by the stockholder. Properly
 submitted stockholder communications will, as appropriate, be forwarded to the entire
 Board or to the individual Director. Any stockholder proposal submitted pursuant
 to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
 Act&#148;), must continue to meet all the requirements of Rule 14a-8. See &#147;Additional
 Information &#150; Stockholder Proposals&#148; herein.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Director Attendance at Stockholder Meetings</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Fund has
 no formal policy regarding Director attendance at stockholder meetings. None of
 the Independent Directors attended the Fund&#146;s 2018 Annual Meeting of Stockholders.</font></div>
<p align="center"><font face="Times New Roman" size="2">14</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Compliance with Section 16(a) of the
 Exchange Act</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Section 16(a)
 of the Exchange Act requires the officers and Directors of the Fund and persons
 who own more than ten percent of a registered class of the Fund&#146;s equity securities,
 to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the
 SEC and the New York Stock Exchange. Officers, Directors and greater than ten percent
 stockholders are required by SEC regulations to furnish the Fund with copies of
 all Forms 3, 4 and 5 they file.</font></div>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Based solely
 on the Fund&#146;s review of the copies of such forms and amendments thereto, furnished
 to it during or with respect to its most recent fiscal year, and written representations
 from certain reporting persons that they were not required to file Form 5 with respect
 to the most recent fiscal year, the Fund believes that all of its officers, Directors,
 greater than ten percent beneficial owners and other persons subject to Section
 16 of the Exchange Act due to the requirements of Section 30(h) of the Investment
 Company Act (i.e., any investment adviser or affiliated person of the Fund&#146;s
 investment adviser), have complied with all filing requirements applicable to them
 with respect to transactions in the Fund&#146;s shares during the Fund&#146;s most
 recent fiscal year.</font></p>
<div><font face="Times New Roman" size="2"><b>Stock Ownership</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">As of the
 Record Date, there were 96,667,729 shares of Common Stock outstanding. The following
 persons were known to the Fund to be beneficial owners or owners of record of 5%
 or more of its outstanding shares of Common Stock as of the Record Date:</font></div><br>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name and
 Address of Owner</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 and<br>Nature of Ownership</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Percent
</b></font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;Cede &#038;
 Co.<sup>*</sup><br>&#160;&#160;Depository Trust Company<br>&#160;&#160;P.O. Box #20<br>&#160;&#160;Bowling Green Station<br>&#160;&#160;New
 York, NY 10028</font></td>
<td width="20%" valign="top" align="left"><font face="Times New Roman" size="2">95,274,360
 shares<br>&#151; Record<sup>*</sup></font></td>
<td width="20%" valign="top" align="left"><font face="Times New Roman" size="2">98.56%</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="1">*</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">Shares
 held by brokerage firms, banks and other financial intermediaries on behalf of beneficial
 owners are registered in the name of Cede &#038; Co.</font></div></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">15</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Information
 relating to each Director&#146;s ownership of shares of Common Stock as of July
 18, 2019 and of shares of The Royce Funds overseen by each Director is set forth
 below:</font></p>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Aggregate
 Dollar Range of Equity in the Fund</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Aggregate
 Dollar Range of Securities in all Royce Funds overseen by each Director in the Royce
 Family of Funds</b></font></div></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<i>Interested Directors:</i></font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td width="33%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td width="33%" valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
<i>Non-Interested Directors:</i></font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 C. Grisanti</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001-$50,000</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$1-$10,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$50,001-$100,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David L. Meister</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">$10,001-$50,000</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">Over $100,000</font></div></td>
</tr>
</table>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Information
 regarding ownership of shares of Common Stock by the Fund&#146;s Directors and officers
 as of the Record Date is set forth below:</font></p>
<table border="1" cellpadding="4" cellspacing="0" width="100%" bordercolor="#000000">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Name and
 Address<sup>*</sup><br>of Owner</b></font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Amount
 of Beneficial Ownership of Shares<br>of Common Stock</b></font></div></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<i>Interested Directors:</i></font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Charles M.
 Royce</font></td>
<td width="50%" valign="bottom" align="center"><font face="Times New Roman" size="2">394,258</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">10,245</font></div></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<i>Non-Interested Directors:</i></font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Patricia W.
 Chadwick</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 C. Grisanti</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Stephen L.
 Isaacs</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">641</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Arthur S.
 Mehlman</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">5,397</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">David L. Meister</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">G. Peter O&#146;Brien</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">3,337</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Michael K.
 Shields</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></div></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
<i>Interested Officers<sup>**</sup>:</i></font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Francis D.
 Gannon</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Peter K. Hoglund</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">27,078</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Daniel A.
 O&#146;Byrne</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">6,650</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Lisa Curcio</font></td>
<td valign="bottom" align="center"><font face="Times New Roman" size="2">None</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="1"><sup>*</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">The address
 of each Director and each officer is c/o Royce &#038; Associates, LP, 745 Fifth
 Avenue, New York, New York 10151.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="1"><sup>**</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Times New Roman" size="1">Does not
 include shares of Common Stock beneficially owned by Mr. Clark, if any, which information
 is set forth immediately above under &#147;Interested Directors.&#148;</font></div></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">16</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">As of the
 Record Date, all Directors and officers of the Fund as a group (14 persons) beneficially
 owned an aggregate of less than 1% of the Fund&#146;s outstanding shares of Common
 Stock.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">As of July
 18, 2019, no Independent Director or any of his immediate family members directly
 or indirectly owned any securities issued by Legg Mason or any of its affiliates
 (other than registered investment companies).</font></p>
<div><font face="Times New Roman" size="2"><b>Vote Required</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">A quorum consists
 of stockholders representing a majority of the outstanding shares of Common Stock
 entitled to vote, who are present in person or by proxy, and a plurality of all
 of the votes cast at a meeting at which a quorum is present is sufficient to elect
 a Director.</font></div>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2"><b>The Board
 of Directors of the Fund recommends that all stockholders vote FOR all Director
 nominees.</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>FEES PAID TO INDEPENDENT AUDITORS</b></font></p>
<div><font face="Times New Roman" size="2"><b>Audit Fees</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The aggregate
 fees paid to PWC in connection with the annual audit of the Fund&#146;s financial
 statements and for services normally provided by PWC in connection with the statutory
 and regulatory filings of the Fund for the fiscal years ended December 31, 2018
 and December 31, 2017 were $45,710 and $44,814, respectively.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Audit Related Fees</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">No fees were
 paid to PWC in connection with assurance and related services related to the annual
 audit of the Fund and for review of the Fund&#146;s financial statements, other
 than the Audit Fees described above, for the fiscal years ended December 31, 2018
 and December 31, 2017.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Tax Fees</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The aggregate
 fees paid for tax-related services, including preparation of tax returns, tax compliance
 and tax advice, rendered by PWC to the Fund for the fiscal years ended December
 31, 2018 and December 31, 2017 were $9,738 and $ 9,550, respectively.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>All Other Fees</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">There were no other fees billed for non-audit
 services rendered by PWC to the Fund for the fiscal years ended December 31, 2018
 and December 31, 2017. The aggregate non-audit fees billed by PWC for services rendered
 to R&#038;A and any entity controlling, controlled by, or under common control with
 R&#038;A that provides ongoing services to the Fund for the fiscal years ended</font></div>
<p align="center"><font face="Times New Roman" size="2">17</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">December 31,
 2018 and December 31, 2017 were $9,738 and $ 9,550, respectively. The Audit Committee
 has determined that the provision of non-audit services is compatible with maintaining
 the independence of PWC.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">PWC did not
 provide any other professional services to the Fund or R&#038;A for the year ended
 December 31, 2018. No representatives of PWC are expected to be present at the Meeting.</font></p>
<div><font face="Times New Roman" size="2"><b>Audit Committee&#146;s Pre-Approval Policies
 and Procedures</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Audit
 Committee has adopted policies and procedures with regard to the pre-approval of
 audit and non-audit services. On an annual basis, at the September meeting of the
 Audit Committee, the independent auditors of the Fund will submit a schedule of
 proposed audit, audit-related, tax and other non-audit services to be rendered to
 the Fund and/or R&#038;A and its affiliates for the following year that require
 pre-approval by the Audit Committee. Such schedule will include the maximum fees
 that can be paid for such services without further Audit Committee approval. Any
 subsequent revision to pre-approved services or fees will be considered at the next
 regularly scheduled Audit Committee meeting. Services not presented for pre-approval
 at the September meeting of the Audit Committee will be submitted to the Chief Financial
 Officer of the Fund for a determination that the proposed services fit within the
 independence guidelines and then considered for pre-approval at the next regularly
 scheduled Audit Committee meeting. A proposal to commence an engagement involving
 audit, audit-related or tax services prior to the next regularly scheduled Audit
 Committee meeting shall be made in writing by the Chief Financial Officer to all
 Audit Committee members and include a summary of the engagement, estimated maximum
 cost, the category of services and the rationale for engaging the Fund&#146;s independent
 auditor. Such proposed engagement can be pre-approved by any Audit Committee member
 who is an Independent Director. Pre-approval by the Chairman of the Audit Committee
 is required for a proposed engagement involving non-audit services other than audit-related
 or tax.</font></div>
<p align="center"><font face="Times New Roman" size="2"><b>ADDITIONAL INFORMATION</b></font></p>
<div><font face="Times New Roman" size="2"><b>Postponement or Adjournment of Meeting;
 Other Matters</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">In the event that sufficient votes in favor
 of Proposal 1 in the Notice of Annual Meeting of Stockholders are not received by
 the time scheduled for the Meeting, the persons named as proxies may propose one
 or more postponements or adjournments of the Meeting to permit further solicitation
 of proxies for such Proposal. Any such postponement or adjournment will require
 the affirmative vote of a majority of the shares present in person or by proxy at
 the session of the Meeting to be postponed or adjourned, as applicable. The persons
 named as proxies will vote in favor of such postponement or adjournment those proxies
 which they are entitled to vote in</font></div>
<p align="center"><font face="Times New Roman" size="2">18</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="Times New Roman" size="2">favor of the
 Proposal. They will vote against any such postponement or adjournment those proxies
 required to be voted against the Proposal.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">While the
 Meeting has been called to transact any business that may properly come before it,
 the Directors know of no business other than the matter stated in the Notice of
 Annual Meeting of Stockholders. However, if any additional matter properly comes
 before the Meeting and on all matters incidental to the conduct of the Meeting,
 it is the intention of the persons named in the enclosed Proxy to vote the Proxy
 in accordance with their judgment on such matters.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Fund expects
 that broker-dealer firms holding shares of the Fund in &#147;street name&#148; for
 the benefit of their customers and clients will request the instructions of such
 customers and clients on how to vote their shares on the Proposal before the Meeting.
 The Fund understands that, under the rules of the New York Stock Exchange, such
 broker-dealers may, without instructions from such customers and clients, grant
 authority to the proxies designated by the Fund to vote on the election of Directors
 if no instructions have been received prior to the date specified in the broker-dealer
 firm&#146;s request for voting instructions. Certain broker-dealer firms may exercise
 discretion over shares held in their name for which no instructions are received
 by voting such shares in the same proportion as they have voted shares for which
 they have received instructions.</font></p>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The shares
 as to which the Proxies so designated are granted authority by broker-dealer firms
 to vote on the matters to be considered at the Meeting, the shares as to which broker-dealer
 firms have declined to vote (&#147;broker non-votes&#148;) and the shares as to
 which Proxies are returned by record stockholders but which are marked &#147;abstain&#148; on any matter will be included in the Fund&#146;s tabulation of the total
 number of votes present for purposes of determining whether the necessary quorum
 of stockholders exists. However, abstentions and broker non-votes will not be counted
 as votes cast. Therefore, abstentions and broker non-votes will not have an effect
 on the election of Directors.</font></p>
<div><font face="Times New Roman" size="2"><b>Address of Investment Adviser</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">R&#038;A&#146;s
 principal office is located at 745 Fifth Avenue, New York, New York 10151.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Annual Report Delivery</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">The Fund&#146;s Annual Report to Stockholders
 for the year ended December 31, 2018 was previously mailed to its stockholders and
 the Semiannual Report to Stockholders for the six months ended June 30, 2019 will
 be mailed to stockholders in late August 2019. Copies of the Annual Report are available,
 and copies of the Semiannual Report will be available in late August, upon request,
 without charge, by writing to the Fund at 745 Fifth Avenue, New York, New York 10151
 or calling toll free at 1-800-221-4268. All publicly released material information
 is always disclosed by the Fund on its website at <u>www.roycefunds.com.</u></font></div>
<p align="center"><font face="Times New Roman" size="2">19</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<div><font face="Times New Roman" size="2"><b>Stockholder Proposals</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">Proposals
 of stockholders intended to be presented at the Fund&#146;s 2020 Annual Meeting
 of Stockholders must be received by the Fund by April 12, 2020 for inclusion in
 the Fund&#146;s Proxy Statement and form of Proxy for that meeting. The Fund&#146;s
 By-laws generally require advance notice be given to the Fund in the event a stockholder
 desires to nominate a person for election to the Board or to transact any other
 business from the floor at an annual meeting of stockholders. Notice of any such
 nomination or other business intended to be presented at the Fund&#146;s 2020 Annual
 Meeting of Stockholders must be in writing and received at the Fund&#146;s principal
 executive office between April 12, 2020 and May 12, 2020. Written proposals should
 be sent to the Secretary of the Fund, 745 Fifth Avenue, New York, New York 10151.</font></div>
<br>
<div><font face="Times New Roman" size="2"><b>Proxy Delivery</b></font></div>
<div style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2">If you and
 another stockholder share the same address, the Fund may only send one proxy statement
 unless you or the other stockholder(s) request otherwise. Call or write the Fund
 if you wish to receive a separate copy of the proxy statement and the Fund will
 promptly mail a copy to you. You may also call or write to the Fund if you wish
 to receive a separate proxy in the future, or if you receive multiple copies now,
 and wish to receive a single copy in the future. For such requests, please call
 1-800-221-4268, or write the Fund at 745 Fifth Avenue, New York, New York 10151.</font></div>
<p style="text-indent: 20px;" align="justify"><font face="Times New Roman" size="2"><b>PLEASE FILL IN, DATE AND
 SIGN THE ENCLOSED PROXY AND RETURN IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.
</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="25%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By order of
 the Board of Directors,</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Secretary
</i></font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Dated: August
 12, 2019</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">20</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif"><B>CHARTER OF THE AUDIT COMMITTEE<BR>
OF THE BOARD OF DIRECTORS/TRUSTEES<BR>
FOR THE ROYCE FUNDS LISTED IN APPENDIX A HERETO</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: left; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Composition of the Audit Committee</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Audit Committee shall be composed of at least three Directors/Trustees, each of whom:</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall not be an &#147;interested person&#148; of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;); </FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall not accept directly or indirectly any consulting, advisory, or other compensatory fee from the Fund (other than fees for serving on the Board of Directors/Trustees or any committee thereof); and</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shall be financially literate at the time of his or her appointment to the Audit Committee, as such qualification is interpreted by the Board of Directors/Trustees in its business judgment, or shall become financially literate within a reasonable period of time after his or her appointment to the Audit Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">In the event Fund shares are or become
listed on a national securities exchange or are or become quoted on a national market quotation system, the additional qualification
requirements set forth below also shall apply:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each Director/Trustee who is a member of the Audit Committee shall satisfy the applicable independence requirements for any such national securities exchange or national market quotation system; and</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least one Director/Trustee who is a member of the Audit Committee shall have accounting or related financial management expertise as the Board of Directors/Trustees interprets such qualification in its business judgment.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The Board of Directors/Trustees shall
determine annually: (i) whether at least one of the members of the Audit Committee is an &#147;audit committee financial expert,&#148;
as defined in rules of the Securities and Exchange Commission and (ii) whether simultaneous service on more than three public company
audit committees by a member of the Audit Committee would not impair the ability of such member to effectively serve on the Audit
Committee, and, <I>with respect to the closed-end</I></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-1</P>

<br clear="all" style="page-break-before:always;">
<!--page-->

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><I>funds only</I>, the Board must disclose any determination
made under clause (ii) either on or through the applicable Funds website or in its annual proxy statement. If the disclosure is
made on the Fund&#146;s website, the Fund must disclose that fact in its annual proxy statement and provide the website address.
Multiple boards in the same fund complex are considered one board for this determination.</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: left; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Purposes of the Audit Committee</U></B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Audit Committee shall be responsible for:</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting Board oversight of the</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrity of the Fund&#146;s financial statements;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">independent accountants&#146; qualifications and independence; and</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">performance of the Fund&#146;s independent accountants; and</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparation, or overseeing the preparation of, any audit committee report required by rules of the Securities and Exchange Commission to be included in the Fund&#146;s proxy statement for its annual meeting of stockholders.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; text-align: left; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Responsibilities and Duties of the Audit Committee</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The Fund&#146;s independent accountants
shall report directly to the Audit Committee.</P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">As may be necessary or appropriate
to carry out its purposes, or to comply with applicable law or the requirements of any securities exchange or market quotation
system on which Fund shares are or may become listed or quoted, the Audit Committee shall have the following responsibilities and
duties:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the appointment, compensation, retention and oversight of the work of the Fund&#146;s independent accountants, including the resolution of disagreements between management and the independent accountants regarding financial reporting;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to (i) select an accounting firm to (1) serve as the Fund&#146;s independent accountants, (2) audit the Fund&#146;s financial statements on an annual basis, and (3) provide an opinion on an annual basis with respect to the Fund&#146;s financial statements, and (ii) recommend that the members of the Board of Directors/Trustees who are not &#147;interested persons&#148; of the Fund, as defined in Section 2(a)(19) of the 1940 Act, ratify such selection;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-2</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to pre-approve (i) all audit and permissible non-audit services to be provided to the Fund by the Fund&#146;s independent accountants and (ii) all permissible non-audit services to be provided by the Fund&#146;s independent accountants to the Fund&#146;s Investment Adviser or any entity controlling, controlled by, or under common control with the Investment Adviser (&#147;Adviser Affiliate&#148;) that provides ongoing services to the Fund, if the engagement by the Adviser Affiliate relates directly to the operations and financial reporting of the Fund;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if determined to be advisable, to develop policies and procedures for pre-approval of the engagement of the Fund&#146;s independent accountants to provide any of the audit or non-audit services described in Section III(c) above;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to consider whether each non-audit service provided by the Fund&#146;s independent accountants to the Fund and to the Fund&#146;s Investment Adviser or any Adviser Affiliate that provides ongoing services to the Fund is compatible with maintaining the independence of such independent accountants;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to ensure that the Fund&#146;s independent accountants submit on a periodic basis to the Audit Committee a formal written statement delineating all relationships between such independent accountants and the Fund, consistent with Independence Standards Board Standard No. 1, and to actively engage in a dialogue with, and receive and consider specific representations from, the Fund&#146;s independent accountants with respect to any disclosed relationships or services that may affect the objectivity and independence of such independent accountants;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to review the arrangements for annual and special audits and the scope of such audits with the Fund&#146;s independent accountants;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to meet to review and discuss the Fund&#146;s audited financial statements and, to the extent required by applicable law or regulations, the Fund&#146;s semi-annual financial statements with Fund management and the Fund&#146;s independent accountants;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to review with the Fund&#146;s independent accountants any audit problems or difficulties the accountants may have encountered during or relating to the conduct of the audit, including any</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-3</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">matters required to be discussed pursuant to rules of The Public Company Accounting Oversight Board and other relevant regulatory and professional organizations, and management&#146;s response;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to establish and administer policies and procedures relating to the hiring by the Fund, its Investment Adviser, or any administrator that is an Adviser Affiliate of employees or former employees of the Fund&#146;s independent accountants;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to consider information and comments from the Fund&#146;s independent accountants with respect to the Fund&#146;s accounting and financial reporting policies, procedures and internal control over financial reporting (including the Fund&#146;s critical accounting policies and practices) and management&#146;s responses to any such comments;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to request, receive and/or review from the Fund&#146;s independent accountants such other materials as may be deemed necessary or advisable in the discretion of the Committee in the exercise of its duties under this Charter; such materials may (but are not required to) include, without limitation, any other material written communications relating to the Fund&#146;s financial statements, or internal or disclosure controls, between the independent accountants and the Fund, the Investment Adviser, the Fund&#146;s sub-adviser(s), if any, or other Fund service providers, such as any management letter or schedule of unadjusted differences;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at least annually, to obtain and review a report by the Fund&#146;s independent accountants describing: (i) such independent accountants&#146; internal quality-control procedures; (ii) any material issues raised by the most recent internal quality-control review, or peer review, of such independent accountants, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by such firm, and any steps taken to deal with any such issues; and (iii) all relationships between the Fund&#146;s independent accountants and the Fund, the Investment Adviser, Adviser Affiliates and members of management of such entities (to assess the independence of the Fund&#146;s independent accountants);</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to establish procedures for: (i) the receipt, retention, and treatment of complaints received by the Fund regarding accounting, internal accounting controls, or auditing matters; and</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-4</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii) the confidential, anonymous submission of concerns by employees of the Fund&#146;s Investment Adviser, manager, administrator, principal underwriter, or any other provider of accounting related services for the Fund regarding questionable accounting or auditing matters;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to address reports received from attorneys in accordance with procedures adopted by the Fund&#146;s Investment Adviser relating to the possible violation of federal or state law or fiduciary duty;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to discuss with Fund management and the Fund&#146;s independent accountants policies with respect to risk assessment and risk management;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>with respect to closed-end funds only,</I> to discuss with Fund management the Fund&#146;s press releases that discuss earnings (if any), as well as financial information or earnings guidance provided to analysts and ratings agencies (this may be done generally, <I>e.g.,</I> the type of information to be disclosed and the type of presentation to be made); and</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to perform such other functions and to have such other powers consistent with this Charter, the Fund&#146;s Articles of Incorporation or Declaration of Trust, as amended and supplemented, the Fund&#146;s By-laws, as amended, and applicable law, as the Audit Committee or the Board deems necessary or appropriate.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The Audit Committee may delegate any
portion of its authority, including the authority to grant preapprovals of audit related services and permitted non-audit services,
to a subcommittee of one or more members of the Audit Committee pursuant to preapproval policies and procedures established by
the Audit Committee; provided, however, that the Audit Committee may not delegate preapproval of the audit required by the Securities
Exchange Act of 1934. Any decision of such subcommittee of the Audit Committee to grant preapprovals shall be presented to the
full Audit Committee at its next regularly scheduled meeting.</P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The function of the Audit Committee
is oversight; it is the responsibility of Fund management to maintain appropriate systems for accounting and internal control over
financial reporting, and the responsibility of the Fund&#146;s independent accountants to plan and carry out a proper audit. Specifically,
Fund management is responsible for: (1) the preparation, presentation and integrity of the Fund&#146;s financial statements; (2)
the maintenance of appropriate accounting and financial reporting principles and policies; and (3) the maintenance of internal
control over financial reporting and other procedures designed to assure compliance with accounting standards and related laws
and regulations. The Fund&#146;s independent</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-5</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">accountants are responsible for planning and carrying
out an audit consistent with applicable legal and professional standards and the terms of their engagement letter. Nothing in this
Charter shall be construed to reduce the responsibilities or liabilities of the Fund&#146;s service providers, including the Fund&#146;s
independent accountants.</P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">Although the Audit Committee is expected
to review appropriately the matters that come before it, such review of a Fund&#146;s financial statements by the Audit Committee
is not an audit, nor does the Committee&#146;s review substitute for the responsibilities of the Fund&#146;s management for preparing,
or the Fund&#146;s independent accountants for auditing, the financial statements. Members of the Audit Committee are not employees
of the Fund and, in serving on the Audit Committee, are not, and do not hold themselves out to be, acting as accountants or auditors.
As such, it is not the duty or responsibility of the Audit Committee or its members to conduct &#147;field work&#148; or other
types of auditing or accounting reviews or procedures.</P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">In discharging their duties, the members
of the Audit Committee are entitled to rely on information, opinions, reports, or statements, including financial statements and
other financial data, if prepared or presented by: (1) one or more officers of the Fund whom the Board reasonably believes to be
reliable and competent in the matters presented; (2) legal counsel, public accountants, or other persons as to matters the Board
reasonably believes are within the person&#146;s professional or expert competence; or (3) a committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>IV.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<U>Meetings</U></B></P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The Audit Committee shall meet on a
regular basis but no less frequently than annually. The Audit Committee periodically shall meet separately with the Fund&#146;s
independent accountants, Fund management, and representatives of Fund management responsible for the financial and accounting operations
of the Fund. The Audit Committee may hold special meetings at such times as the Audit Committee believes necessary or appropriate.
Members of the Audit Committee may participate in a meeting of the Audit Committee by means of conference call or similar communications
equipment by means of which all persons participating in such meeting can hear each other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>V.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<U>Assistance
from Fund Management; Authority to Engage Advisers; Funding</U></B></P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The appropriate officers of the Fund
shall provide or arrange to provide such information, data and services as the Audit Committee may request. The Audit Committee
shall have the power and authority to take all action it believes necessary or appropriate to discharge its responsibilities, including
the power and authority to retain independent counsel and other advisers. The Fund shall provide for appropriate funding, as determined
by the Audit Committee as a committee of</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-6</P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the Board, for payment of: (i) compensation to the Fund&#146;s
independent accountants or any other accounting firm engaged for the purpose of preparing or issuing an audit report or performing
other audit, review, or attest services for the Fund, (ii) compensation to any advisers employed by the Audit Committee under this
Section V, and (iii) ordinary administrative expenses of the Audit Committee that are necessary or appropriate in carrying out
its responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>VI.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<U>Annual Performance
Evaluation</U></B></P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The Audit Committee shall perform a
review and evaluation, at least annually, of the performance of the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>VII.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<U>Reporting</U></B></P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">The Audit Committee shall report regularly
to the Board. The Chairman of the Audit Committee shall report to the Board on the results of its deliberations, and make such
recommendations as deemed necessary or appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>VIII.&#160;&#160;&#160;&#160;&#160;&#160;<U>Amendments</U></B></P>

<P STYLE="text-align: justify; text-indent: 42px; font: 10pt Times New Roman, Times, Serif">This Charter may be amended or modified
from time to time by vote of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dated: April 11, 2000, as amended through February 27, 2019</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-7</P>

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<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif"><B>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">Royce Capital Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">Royce Global Value Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">Royce Micro-Cap Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">Royce Value Trust, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">The Royce Fund</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">A-8</P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>CHARTER OF THE NOMINATING COMMITTEE<BR>
OF THE BOARD OF DIRECTORS/TRUSTEES FOR<BR>
THE ROYCE FUNDS LISTED IN APPENDIX A HERETO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>ORGANIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">The Nominating Committee (the &#147;Committee&#148;) of the Board of Directors/Trustees
for the registered investment companies (each, a &#147;Fund&#148;) listed on Exhibit A attached hereto shall be composed solely
of Directors/Trustees who are not &#147;interested persons&#148; of the Fund as defined in Section 2(a)(19) of the Investment Company
Act of 1940, as amended (the &#147;1940 Act&#148;), and who are &#147;independent&#148; as defined in the applicable listing standards
of the national securities exchange or national market quotation system (each, an &#147;Exchange&#148;) on which a Fund is listed
or quoted (the &#147;Independent Directors&#148;). The Board of Directors/Trustees of the Fund (the &#147;Board&#148;) shall appoint
the members of the Committee (which may or may not be all of the Independent Directors) and shall designate the Chairman of the
Committee. The Committee shall have authority to retain its own counsel and other advisers the Committee deems appropriate and
shall have the sole authority to approve the compensation and other terms of their retention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>RESPONSIBILITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">The Committee shall identify individuals qualified to serve as Independent
Directors of the Fund and shall recommend its nominees for consideration by the full Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>IDENTIFICATION AND EVALUATION OF POTENTIAL NOMINEES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">In identifying and evaluating a person as a potential nominee to serve as an
Independent Director of the Fund, the Committee should consider among other factors it may deem relevant:</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 3%; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the contribution which the person can make to the Board, with consideration being given to the person&#146;s business and professional experience, education and such other factors as the Committee may consider relevant;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the character and integrity of the person;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">B-1</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether or not the person is an &#147;interested person&#148; as defined in the 1940 Act and whether the person is otherwise qualified under applicable laws and regulations to serve as a Director or Independent Director of the Fund;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether or not the person has any relationships that might impair his independence, such as any business, financial or family relationships with Fund management, the investment adviser of the Fund, Fund service providers or their affiliates;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether or not the person is financially literate pursuant to the applicable Exchange&#146;s audit committee membership standards;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether or not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related investment company complexes;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether or not the person is willing to serve as, and willing and able to commit the time necessary for the performance of the duties of a Director of the Fund;</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#149;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether or not the selection and nomination of the person would be consistent with the requirements of the Fund&#146;s retirement policies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif">While the Committee is solely responsible for the selection and nomination
of the Fund&#146;s Independent Directors, the Committee shall review and consider nominations for the office of Director made by
management and by Fund stockholders as it deems appropriate. Stockholders who wish to recommend a nominee should send nominations
to the Secretary of the Fund which include biographical information and set forth the qualifications of the proposed nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>QUORUM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">A majority of the members of the Committee shall constitute a quorum for the
transaction of business, and the act of a majority of the members of the Committee present at any meeting at which there is quorum
shall be the act of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOMINATION OF DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">After a determination by the Committee that a person should be selected and
nominated as an Independent Director of the Fund, the Committee shall present its recommendation to the full Board for its consideration
and, if necessary, to the Independent Directors.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">B-2</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif"><B>MEETINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">The Committee may meet either on its own or in conjunction with meetings of
the Board. Meetings of the Committee may be held in person, by video conference or by conference telephone. The Committee may take
action by unanimous written consent in lieu of a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif">Amended on March 9, 2015<BR>
<BR>
Adopted: February 10, 2004</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">B-3</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><B>APPENDIX A</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Royce Fund</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce Capital Fund</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce Micro-Cap Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce Value Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Royce Global Value Trust, Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">B-4</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="width: 60%; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>PROXY TABULATOR</I></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>P.O. BOX 9112</I></B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><IMG SRC="e63540_internet.jpg" ALT=""></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>To vote by Internet</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>FARMINGDALE, NY 11735</I></B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1) &#160;Read the Proxy Statement and have the proxy card below at hand.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2) &#160;Go to website <B>www.proxyvote.com</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3) &#160;Follow the instructions provided on the website.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><img src="e63540_telephone.jpg" alt="" style="width: 28px; height: 30px"></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>To vote by Telephone</B><br><br></FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1) &#160;Read the Proxy Statement and have the proxy card below at hand.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2) &#160;Call <B>1-800-690-6903</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3) &#160;Follow the instructions.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt"><IMG SRC="e63540_mail.jpg" ALT=""></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>To vote by Mail</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1) &#160;Read the Proxy Statement.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2) &#160;Check the appropriate box on the proxy card below.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3) &#160;Sign and date the proxy card.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4) &#160;Return the proxy card in the envelope provided.</FONT></TD></TR>
</TABLE>
<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">E83355-P28091</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
<TR STYLE="font-size: 1px; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-top: #000000 2px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DETACH AND RETURN THIS PORTION ONLY</FONT></TD></TR>
</TABLE>
<br>

<table border="1" cellpadding="0" cellspacing="0" bordercolor="#000000" rules="groups" style="width: 100%">
<tr>
<td style="vertical-align: bottom; text-align: left; width: 1%"><font face="Arial" size="2">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left; width: 3%"><font face="Arial" size="2">&#160;</font></td>
<td style="text-align: left; width: 1%"><font face="Arial" size="1">&#160;</font></td>
<td style="text-align: left; width: 1%"><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left; width: 15%"><font face="Arial" size="2">&#160;</font></td>
<td style="width: 3%"><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right; width: 3%"><font face="Arial" size="2">&#160;</font></td>
<td style="width: 1%"><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right; width: 4%"><font face="Arial" size="2">&#160;</font></td>
<td style="width: 1%"><font face="Arial" size="1">&#160;</font></td>
<td style="width: 4%"><font face="Arial" size="1">&#160;</font></td>
<td style="width: 1%"><font face="Arial" size="1">&#160;</font></td>
<td style="width: 15%"><font face="Arial" size="1">&#160;</font></td>
<td style="width: 3%"><font face="Arial" size="1">&#160;</font></td>
<td style="width: 1%"><font face="Arial" size="1">&#160;</font></td>
</tr>

<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td style="text-align: left"><font face="Arial" size="1">&#160;</font></td>
<td style="text-align: left"><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td style="text-align: left; border-top: #000000 1px solid; border-right: #000000 1px solid"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td style="text-align: left"><font face="Arial" size="1">&#160;</font></td>
<td style="text-align: left"><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: bottom; text-align: right"><font face="Arial" size="2">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td style="text-align: left; border-right: #000000 1px solid"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td style="vertical-align: bottom; text-align: left"><font face="Arial" size="2">&#160;</font></td>
<td valign="top" align="left" colspan="3"><font face="Arial" size="2"><b>The Board of Directors of the Fund recommends a vote FOR the proposal.</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: top; text-align: center"><font face="Arial" size="2"><b>For<br>
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<td><font face="Arial" size="1">&#160;</font></td>
<td style="vertical-align: top; text-align: center"><font face="Arial" size="2"><b>Withhold
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<td style="vertical-align: top; text-align: left"><font face="Arial" size="2">1.</font></td>
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<td valign="bottom" align="left" colspan="12"><font face="Arial" size="2">2.&#160;&#160;&#160;&#160;THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING.</font></td>
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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160;&#160;&#160;
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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<br clear="all" style="page-break-before:always;">
<!--page-->
<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><B>Important Notice Regarding the Availability of Proxy
Materials for the Annual Meeting:</B><BR>
The Proxy Statement is available at www.proxyvote.com.</P>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7.5pt">E83356-P28091</FONT></TD></TR>
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<TABLE BORDER="0" CELLPADDING="2" CELLSPACING="0" STYLE="width: 100%">
<TR>
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    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>PROXY CARD</U></B></FONT></TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PROXY</FONT></TD>
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<TR>
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    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ROYCE VALUE TRUST, INC.<BR>745 Fifth Avenue<BR>New York, New York 10151</FONT></TD>
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<TR>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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<TR>
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    <TD COLSPAN="7" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Proxy is Solicited on Behalf of the Board of Directors of Royce Value Trust, Inc.</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="border-right: #000000 1px solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; border-left: #000000 1px solid">&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD COLSPAN="8" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The undersigned hereby appoints Christopher D. Clark and John E. Denneen or either of them, acting in absence of the other, as Proxies, each with the power to appoint his substitute, and hereby authorizes them to represent and to vote, as designated on the reverse, all shares of common stock of Royce Value Trust, Inc. held of record by the undersigned on July 18, 2019 at the Annual Meeting of Stockholders of Royce Value Trust, Inc. to be held on September 24, 2019, and at any postponement or adjournment thereof.</FONT></TD>
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<TR>
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    <TD>&nbsp;</TD>
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    <TD COLSPAN="8" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Proxy, when properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is made, this Proxy will be voted FOR Proposal 1.</FONT></TD>
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    <TD COLSPAN="7" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PLEASE VOTE, DATE AND SIGN ON THE REVERSE SIDE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.</FONT></TD>
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<TR>
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<TR>
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<TR>
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<TR>
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<TR>
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<DOCUMENT>
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</SEC-DOCUMENT>
